Ohio provides financial assistance to families created by adoption
CLEVELAND – The cost of starting or expanding a family through adoption can be staggering.
This week, in conjunction with National Adoption Month, the state of Ohio is launching a new program to ease that burden on future parents.
All in all, adopting a child can cost anywhere from $ 25,000 to $ 50,000.
“I think sometimes people take a step back and get intimidated by that number,” said Amy Holbrook.
News 5 first met Holbrook and her family in 2019 when the Ohio Treasurer campaigned for his Family Forward bill to be passed.
“The only thing that shouldn’t stop you from being adoptive parents is finances and how to get the funds when you need them,” said Holbrook.
It’s a challenge that Holbrook and her husband Jim are all too familiar with.
“We were brought up with a family and became family in about seven days,” said Holbrook.
The financial uncertainty was in the back of her mind before her daughter Ridley got home.
“She’s energetic, creative, she dances and sings, she loves puzzles and is now in preschool,” said Holbrook.
To help adoptive families focus on those joyful moments, the Treasurer’s Office opens access to low-interest loans of up to $ 50,000.
“You can save up to 3% on your loan. This is our way of making it less stressful and lowering costs,” said Robert Sprague, Ohio State treasurer.
Prospective parents must first work with a credit institution to gain approval through the Family Forward program.
“And then everything is going on behind the scenes for us to bring that rate down for them,” Sprague said.
Sprague said he anticipates adoption agencies will play a critical role in launching this new initiative.
“It is open to all families in the state of Ohio, and we hope that many more Ohio families will welcome an adopted child into their homes forever,” said Sprague.
Adoptive families like the Holbrooks are happy that their descendants have access to these low-interest loans.
“It reduces the stress associated with starting this new family, a new family life,” said Holbrook.
Holbrook said she hopes Family Forward will make adoption more accessible.
“Whatever we can do to relieve that stress in building their families, I think it’s a nice thing,” said Holbrook.
Previous reporting: The Ohio Treasurer wants to provide low-interest loans to cover the cost of adopting eternal families